Cristiano Ronaldo, the famous footballer, is currently facing a class action lawsuit in the United States. The lawsuit is related to his endorsement of Binance, the world’s largest cryptocurrency exchange. The plaintiffs argue that Ronaldo’s promotion of Binance led them to make investments that resulted in financial losses. They are seeking damages of over $1 billion. The BBC has reached out to both Ronaldo’s management company and Binance for comment.
In November 2022, Binance announced its collaboration with Ronaldo on the release of the “CR7” collection of non-fungible tokens (NFTs). NFTs are virtual assets that can be bought and sold, but they do not have a physical form. They are typically used to establish ownership of digital content, such as images or videos. Ronaldo’s initials and shirt number, “CR7,” are used as branding in various products, contributing to his status as one of the wealthiest athletes in the world. Ronaldo expressed his excitement about the partnership and claimed that they would revolutionize the NFT game and elevate football to new heights.
The claimants in the lawsuit argue that Ronaldo’s endorsement of Binance resulted in a 500% increase in searches for the cryptocurrency exchange. They also allege that people were encouraged to invest in “unregistered securities,” such as Binance’s BNB cryptocurrency. According to the US Securities and Exchange Commission (SEC), these assets can be considered securities, and celebrities endorsing them must comply with US law. The claimants assert that Ronaldo should have disclosed the amount he was paid for the endorsement, which he allegedly failed to do.
Nigel Green, the CEO of consultancy firm DeVere Group, believes that the issue at hand extends beyond Ronaldo and highlights the need for clear guidelines from global regulators in this evolving financial landscape. Despite the lawsuit, Ronaldo and Binance seem to have plans for future collaborations, as indicated by a recent social media post from the footballer. Both Ronaldo and Binance have not responded to the BBC’s requests for comment.
It is worth noting that the class action lawsuit against Binance was filed shortly after the US Justice Department ordered the firm to pay $4.3 billion in penalties and forfeitures. Binance was accused of aiding users in bypassing international sanctions and facilitating money laundering activities. The CEO of Binance, Changpeng Zhao, resigned from his position after admitting to money laundering violations. Other entities, including Major League Baseball, Formula 1, and Mercedes-Benz, are also facing class action lawsuits for their promotion of the failed crypto-exchange FTX.
In conclusion, Cristiano Ronaldo is currently facing a significant lawsuit over his endorsement of Binance. The plaintiffs claim that his promotion led to financial losses for investors, and they are seeking damages of over $1 billion. The lawsuit highlights the need for clearer regulations in the evolving world of cryptocurrencies. Despite the legal challenges, Ronaldo and Binance seem to have plans for future collaborations.
Original news source: Cristiano Ronaldo faces $1bn lawsuit over Binance ads (BBC)
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Group or Classroom Activities
Warm-up Activities:
– News Summary
Instructions: Divide the class into pairs or small groups. Give each group a few minutes to read the article. Then, ask them to summarize the key points of the article in 3-4 sentences. Each group should present their summary to the class.
– Opinion Poll
Instructions: Create a list of statements related to the article, such as “Cristiano Ronaldo should be held responsible for the financial losses of investors.” Divide the class into pairs or small groups and give them a few minutes to discuss each statement and come up with their opinions. Then, conduct a poll by asking each group to share their opinions and reasons.
– Vocabulary Pictionary
Instructions: Prepare a list of vocabulary words from the article, such as “endorsement,” “lawsuit,” “cryptocurrency,” etc. Divide the class into pairs or small groups. Give each group a word and ask them to draw a picture that represents the word. The other groups should try to guess the word based on the drawing.
– Headline Creation
Instructions: Instruct the students to work individually or in pairs. Ask them to create a catchy headline for the article that summarizes the main point. Encourage them to be creative and use attention-grabbing language. After a few minutes, have them share their headlines with the class and discuss the different approaches.
– Two Truths and a Lie
Instructions: Have each student come up with two true statements and one false statement related to the article. In pairs or small groups, students take turns reading their statements and the others must guess which one is the lie. This activity helps students practice their speaking and listening skills while engaging with the content of the article.
Comprehension Questions:
1. What is the class action lawsuit against Cristiano Ronaldo related to?
2. What are non-fungible tokens (NFTs) and how are they used?
3. How did the claimants argue that Ronaldo’s endorsement of Binance affected the cryptocurrency exchange?
4. Why do the claimants believe that Ronaldo should have disclosed the amount he was paid for the endorsement?
5. According to Nigel Green, what is the broader issue highlighted by the lawsuit?
6. What recent social media post indicates that Ronaldo and Binance have plans for future collaborations?
7. What was Binance accused of by the US Justice Department?
8. Besides Ronaldo, what other entities are facing class action lawsuits for their promotion of FTX?
Go to answers ⇩
Listen and Fill in the Gaps:
Cristiano Ronaldo, the famous footballer, is currently facing a class action lawsuit in the United States. The lawsuit is (1)______ to his endorsement of (2)______, the world’s largest cryptocurrency exchange. The plaintiffs argue that Ronaldo’s promotion of Binance led them to make investments that resulted in financial losses. They are (3)______ damages of over $1 billion. The BBC has reached out to both Ronaldo’s management company and Binance for comment.
In November 2022, Binance announced its collaboration with Ronaldo on the release of the “CR7” collection of non-fungible tokens (NFTs). NFTs are virtual assets that can be bought and sold, but they do not have a physical form. They are typically used to (4)______ ownership of digital content, such as images or videos. Ronaldo’s initials and shirt number, “CR7,” are used as branding in various products, (5)______ to his status as one of the (6)______ athletes in the world. Ronaldo expressed his excitement about the partnership and claimed that they would revolutionize the NFT game and elevate football to new heights.
The claimants in the (7)______ argue that Ronaldo’s endorsement of Binance resulted in a 500% increase in searches for the (8)______ exchange. They also allege that people were encouraged to invest in “unregistered securities,” such as Binance’s BNB cryptocurrency. According to the US Securities and Exchange Commission (SEC), these assets can be considered securities, and celebrities endorsing them must comply with US law. The claimants assert that Ronaldo should have disclosed the amount he was paid for the (9)______, which he allegedly failed to do.
Nigel Green, the CEO of consultancy firm DeVere Group, believes that the (10)______ at hand extends beyond Ronaldo and highlights the need for clear guidelines from global regulators in this evolving financial landscape. Despite the lawsuit, Ronaldo and Binance seem to have plans for future collaborations, as (11)______ by a recent social media post from the footballer. Both Ronaldo and Binance have not responded to the BBC’s requests for comment.
It is worth (12)______ that the class action lawsuit against Binance was filed shortly after the US Justice Department ordered the firm to pay $4.3 billion in penalties and forfeitures. Binance was accused of aiding users in bypassing international sanctions and facilitating money laundering (13)______. The CEO of Binance, Changpeng Zhao, resigned from his position after admitting to money laundering violations. Other entities, including Major (14)______ Baseball, Formula 1, and Mercedes-Benz, are also facing class action lawsuits for their promotion of the failed crypto-exchange FTX.
In conclusion, (15)______ Ronaldo is currently facing a significant lawsuit over his endorsement of Binance. The plaintiffs claim that his promotion led to financial losses for investors, and they are seeking damages of over $1 billion. The lawsuit highlights the need for (16)______ regulations in the evolving world of cryptocurrencies. Despite the legal challenges, Ronaldo and Binance seem to have plans for future collaborations.
Go to answers ⇩
Discussion Questions:
Students can ask a partner these questions, or discuss them as a group.
1. What is a class action lawsuit and how does it differ from other types of lawsuits?
2. How would you feel if you made an investment based on a celebrity endorsement and it resulted in financial losses?
3. Do you think celebrities should be held responsible for the financial decisions of their fans? Why or why not?
4. What are non-fungible tokens (NFTs) and why have they become so popular?
5. Do you think virtual assets like NFTs have real value? Why or why not?
6. How do you think celebrity endorsements influence people’s investment decisions?
7. What role do you think regulations should play in the world of cryptocurrencies?
8. Have you ever made an investment based on a celebrity endorsement? If so, what was your experience?
9. How do you think the outcome of this lawsuit will impact the future of celebrity endorsements?
10. Do you think it is necessary for celebrities to disclose the amount they are paid for endorsements? Why or why not?
11. What do you think are the responsibilities of celebrities when endorsing financial products or services?
12. How do you think the reputation of a celebrity affects the success of a product or service they endorse?
13. Have you ever invested in cryptocurrency? If so, what has been your experience?
14. What do you think can be done to protect investors from potential financial losses due to celebrity endorsements?
15. How do you think this lawsuit will affect the reputation of both Cristiano Ronaldo and Binance?
Individual Activities
Vocabulary Meanings:
Match each word to its meaning.
Words:
1. Ronaldo
2. lawsuit
3. endorsement
4. Binance
5. investments
6. damages
7. collaboration
8. regulations
Meanings:
(a) The famous footballer currently facing legal action
(b) The world’s largest cryptocurrency exchange
(c) The act of publicly supporting or recommending something
(d) Money put into something with the expectation of profit
(e) Working together on a project or activity
(f) A legal case brought to court for resolution
(g) Compensation sought for harm or loss
(h) Official rules or laws governing an industry or activity
Go to answers ⇩
Multiple Choice Questions:
1. What is the class action lawsuit against Cristiano Ronaldo related to?
(a) His football career
(b) His social media posts
(c) His endorsement of Binance
(d) His personal investments
2. What are non-fungible tokens (NFTs)?
(a) Virtual assets that can be bought and sold
(b) Physical assets that cannot be bought or sold
(c) Digital content that can be physically owned
(d) Virtual assets that cannot be bought or sold
3. How did Ronaldo’s endorsement of Binance allegedly impact the cryptocurrency exchange?
(a) It led to a decrease in Binance’s popularity
(b) It had no impact on Binance’s reputation
(c) It caused Binance to shut down temporarily
(d) It resulted in a 500% increase in searches for Binance
4. What type of assets did the claimants allege people were encouraged to invest in?
(a) Physical assets
(b) Non-fungible tokens
(c) Unregistered securities
(d) Digital content
5. According to the US Securities and Exchange Commission (SEC), how should celebrities endorsing securities comply with US law?
(a) By promoting the securities without any disclosure
(b) By disclosing the amount they were paid for the endorsement
(c) By avoiding any endorsement of securities
(d) By endorsing securities without any restrictions
6. Who believes that the issue with Ronaldo’s endorsement extends beyond him and highlights the need for clear guidelines from global regulators?
(a) Cristiano Ronaldo
(b) Changpeng Zhao, CEO of Binance
(c) The US Securities and Exchange Commission (SEC)
(d) Nigel Green, CEO of DeVere Group
7. What recent social media post indicates that Ronaldo and Binance have plans for future collaborations?
(a) A post from the CEO of Binance
(b) None of the above
(c) A post from the US Justice Department
(d) A post from Ronaldo himself
8. What other entities are facing class action lawsuits for their promotion of the failed crypto-exchange FTX?
(a) Major League Baseball, Formula 1, and Mercedes-Benz
(b) Cristiano Ronaldo and Binance
(c) The US Justice Department and the SEC
(d) Nigel Green and DeVere Group
Go to answers ⇩
True or False Questions:
1. NFTs are physical assets used to establish ownership of digital content, such as images or videos.
2. Ronaldo’s endorsement of Binance allegedly resulted in a 10% increase in searches for the cryptocurrency exchange.
3. The claimants assert that Ronaldo should have disclosed the amount he was paid for the endorsement, which he allegedly failed to do.
4. Binance announced a collaboration with Ronaldo in November 2022 for the release of the “Leo Messi” collection of non-fungible tokens (NFTs).
5. Cristiano Ronaldo is facing a class action lawsuit related to his endorsement of Binance, the world’s largest cryptocurrency exchange.
6. The lawsuit against Binance comes shortly after the company was ordered to pay $4.3 billion in penalties and forfeitures by the US Justice Department for aiding users in bypassing international sanctions and facilitating money laundering activities.
7. The claimants are seeking damages of over $1 billion in the lawsuit against Ronaldo.
8. The plaintiffs in the lawsuit argue that Ronaldo’s promotion of Binance did not lead to financial losses for investors.
Go to answers ⇩
Write a Summary:
Write a summary of this news article in two sentences.
Writing Questions:
Answer the following questions. Write as much as you can for each answer.
1. What is the class action lawsuit against Cristiano Ronaldo related to?
2. How are NFTs typically used?
3. What do the claimants in the lawsuit argue about Ronaldo’s endorsement of Binance?
4. What does Nigel Green, the CEO of DeVere Group, believe is needed in the evolving financial landscape?
5. What other entities are facing class action lawsuits for their promotion of the failed crypto-exchange FTX?
Answers
Comprehension Question Answers:
1. The class action lawsuit against Cristiano Ronaldo is related to his endorsement of Binance, the world’s largest cryptocurrency exchange.
2. Non-fungible tokens (NFTs) are virtual assets that can be bought and sold, but they do not have a physical form. They are typically used to establish ownership of digital content, such as images or videos.
3. The claimants argue that Ronaldo’s endorsement of Binance resulted in a 500% increase in searches for the cryptocurrency exchange, and that people were encouraged to invest in “unregistered securities,” such as Binance’s BNB cryptocurrency.
4. The claimants believe that Ronaldo should have disclosed the amount he was paid for the endorsement because, according to the US Securities and Exchange Commission (SEC), these assets can be considered securities and celebrities endorsing them must comply with US law.
5. Nigel Green believes that the lawsuit highlights the need for clearer guidelines from global regulators in the evolving financial landscape of cryptocurrencies.
6. There is no information provided in the article about a recent social media post indicating future collaborations between Ronaldo and Binance.
7. The US Justice Department accused Binance of aiding users in bypassing international sanctions and facilitating money laundering activities.
8. Besides Ronaldo, other entities facing class action lawsuits for their promotion of FTX include Major League Baseball, Formula 1, and Mercedes-Benz.
Go back to questions ⇧
Listen and Fill in the Gaps Answers:
(1) related
(2) Binance
(3) seeking
(4) establish
(5) contributing
(6) wealthiest
(7) lawsuit
(8) cryptocurrency
(9) endorsement
(10) issue
(11) indicated
(12) noting
(13) activities
(14) League
(15) Cristiano
(16) clearer
Go back to questions ⇧
Vocabulary Meanings Answers:
1. Ronaldo
Answer: (a) The famous footballer currently facing legal action
2. lawsuit
Answer: (f) A legal case brought to court for resolution
3. endorsement
Answer: (c) The act of publicly supporting or recommending something
4. Binance
Answer: (b) The world’s largest cryptocurrency exchange
5. investments
Answer: (d) Money put into something with the expectation of profit
6. damages
Answer: (g) Compensation sought for harm or loss
7. collaboration
Answer: (e) Working together on a project or activity
8. regulations
Answer: (h) Official rules or laws governing an industry or activity
Go back to questions ⇧
Multiple Choice Answers:
1. What is the class action lawsuit against Cristiano Ronaldo related to?
Answer: (c) His endorsement of Binance
2. What are non-fungible tokens (NFTs)?
Answer: (a) Virtual assets that can be bought and sold
3. How did Ronaldo’s endorsement of Binance allegedly impact the cryptocurrency exchange?
Answer: (d) It resulted in a 500% increase in searches for Binance
4. What type of assets did the claimants allege people were encouraged to invest in?
Answer: (c) Unregistered securities
5. According to the US Securities and Exchange Commission (SEC), how should celebrities endorsing securities comply with US law?
Answer: (b) By disclosing the amount they were paid for the endorsement
6. Who believes that the issue with Ronaldo’s endorsement extends beyond him and highlights the need for clear guidelines from global regulators?
Answer: (d) Nigel Green, CEO of DeVere Group
7. What recent social media post indicates that Ronaldo and Binance have plans for future collaborations?
Answer: (b) None of the above
8. What other entities are facing class action lawsuits for their promotion of the failed crypto-exchange FTX?
Answer: (a) Major League Baseball, Formula 1, and Mercedes-Benz
Go back to questions ⇧
True or False Answers:
1. NFTs are physical assets used to establish ownership of digital content, such as images or videos. (Answer: False)
2. Ronaldo’s endorsement of Binance allegedly resulted in a 10% increase in searches for the cryptocurrency exchange. (Answer: False)
3. The claimants assert that Ronaldo should have disclosed the amount he was paid for the endorsement, which he allegedly failed to do. (Answer: True)
4. Binance announced a collaboration with Ronaldo in November 2022 for the release of the “Leo Messi” collection of non-fungible tokens (NFTs). (Answer: False)
5. Cristiano Ronaldo is facing a class action lawsuit related to his endorsement of Binance, the world’s largest cryptocurrency exchange. (Answer: True)
6. The lawsuit against Binance comes shortly after the company was ordered to pay $4.3 billion in penalties and forfeitures by the US Justice Department for aiding users in bypassing international sanctions and facilitating money laundering activities. (Answer: True)
7. The claimants are seeking damages of over $1 billion in the lawsuit against Ronaldo. (Answer: True)
8. The plaintiffs in the lawsuit argue that Ronaldo’s promotion of Binance did not lead to financial losses for investors. (Answer: False)
Go back to questions ⇧
